RL · Ralph Lauren

335 filings

RL SEC Filings

Ralph Lauren - 335 total filings

Filing record · 2016–202610-K1110-Q328-K93

Showing 1–50 of 335 filings

Ralph Lauren 8-K Report, Executive Changes (Sep 3, 2026)

Ralph Lauren Corporation (NYSE: RL) announced on September 3, 2026 a set of enterprise leadership changes under its Next Great Chapter: Drive strategy. Halide Alagoz, currently Chief Product & Merchandising Officer, will become Chief Operating & Product Officer effective November 29, 2026, following the retirement of Robert (Bob) Ranftl from his position as Chief Operating Officer. Ranftl notified the Company of his retirement on August 31, 2026. In the new role, Alagoz will assume leadership of the Company's AI strategy and its architecture & design organization, building on her current responsibilities across global sourcing, integrated business planning, and product & merchandising. The filing also describes expanded roles for other executives. Justin Picicci, Chief Financial Officer, will take on additional global responsibility for real estate and logistics. Iris Langlois-Meurinne, Chief Marketing Officer, will lead the company's licensing business in addition to global marketing and consumer data & analytics. Katie Ioanilli, Chief Global Impact & Communications Officer, will add Design with Intent, an initiative to expand cultural collaboration, to her corporate communications, public affairs, citizenship and sustainability leadership. Alagoz, age 54, has served as Chief Product & Merchandising Officer since March 2020 and previously was Chief Supply Chain and Sustainability Officer and Corporate SVP Sourcing & Manufacturing. Before joining Ralph Lauren she spent 18 years at H&M, most recently as Head of Purchasing. The filing states there are no reportable related-party transactions or family relationships involving her. The press release is furnished under Item 7.01 and is not deemed filed for Exchange Act purposes.

Sep 3, 2026 8-K

Ralph Lauren 8-K Report, Financial Results (Aug 6, 2026)

Ralph Lauren Corporation reported results for the fiscal first quarter ended June 27, 2026 (Fiscal 2027), exceeding its expectations and raising its full-year Fiscal 2027 outlook. Net revenues rose 14% on a reported basis to $1.96 billion (13% in constant currency), led by Asia (up 24% to $589.3 million) and North America (up 13% to $740.3 million), with Europe up 7% to $594.4 million. Gross margin reached 73.7%, up 140 basis points, and reported operating income was $342.4 million (17.5% margin). Adjusted operating income was $365.9 million, an 18.7% margin, 170 basis points above the prior year. Reported diluted EPS was $4.28 (up 22%), and adjusted diluted EPS was $4.59 (up 22%). Adjusted figures exclude restructuring-related and other net charges, including Next Generation Transformation project charges. The company now expects Fiscal 2027 constant currency revenue growth centered around 5% to 6%, up from its prior mid-single-digit outlook, and operating margin expansion of approximately 60 to 80 basis points in constant currency. Foreign currency is expected to reduce revenue growth by roughly 50 to 100 basis points. Fiscal 2027 is a 53-week year. For the second quarter, the company guided to constant currency revenue growth centered around 5% to 6% and operating margin expansion of approximately 80 to 100 basis points. Balance sheet and capital returns remained healthy. The company ended the quarter with $1.9 billion in cash and short-term investments and $1.2 billion in total debt, compared with $2.3 billion and $1.6 billion a year earlier. Inventories were $1.2 billion, down 5% year over year per the release. The company repurchased approximately $250 million of Class A common stock and returned more than $300 million to shareholders through dividends and repurchases in the quarter. The filing furnishes the results under Item 2.02 and is not deemed filed for Exchange Act Section 18 purposes.

Aug 6, 2026 10-Q

Ralph Lauren Quarterly Report for Q1 Ended Jun 27, 2026

Ralph Lauren Corporation's Form 10-Q for the first quarter of Fiscal 2027, ended June 27, 2026, reports net revenues of $1.960 billion, up from $1.719 billion in the prior-year quarter, with net income of $262.2 million ($4.28 per diluted share) versus $220.4 million ($3.52 per diluted share). Operating income rose to $342.4 million from $273.6 million, and gross profit as a percentage of net revenues increased to 73.7% from 72.3%. The filing attributes growth across all reportable segments, with Asia net revenues up $115.3 million (24.3%), North America up $84.1 million (12.8%) and Europe up $39.9 million (7.2%). Restructuring and other charges, net totaled $24.8 million, including $20.8 million of Next Generation Transformation project charges, and reduced net income by $18.8 million, or $0.31 per diluted share. Cash flow from operations was $339.3 million, compared with $176.1 million a year earlier, driven mainly by a favorable change in operating assets and liabilities, including lower inventory levels. Cash and cash equivalents fell to $1.719 billion from $1.988 billion at fiscal year-end, and the net cash and short-term investments position declined to $702.2 million from $826.1 million. The company repurchased $325.1 million of Class A common stock, including $75.1 million of share withholdings, and paid $54.8 million in dividends. The Board raised the quarterly dividend to $1.00 per share from $0.9125. Remaining repurchase authorization was approximately $1.102 billion as of June 27, 2026. The balance sheet shows total assets of $7.659 billion, total liabilities of $4.937 billion and equity of $2.722 billion. Inventories rose to $1.164 billion from $1.014 billion, and supplier finance program obligations increased to $268.4 million from $172.1 million. The company had no borrowings under its $750 million Global Credit Facility or its commercial paper program, and reported that no Event of Default had occurred under the facility. The filing also notes ongoing uncertainty regarding IEEPA tariff refunds, tariff pressures, and shipping delays related to Middle East conflicts.

Aug 6, 2026 8-K

Ralph Lauren 8-K Report, Shareholder Vote Results (Aug 3, 2026)

Ralph Lauren Corporation filed this Form 8-K under Item 5.07 to report the results of its Annual Meeting of Stockholders, held on July 30, 2026. The filing is signed by Chief Financial Officer Justin M. Picicci and dated July 31, 2026. No financial results, guidance, or transaction information are disclosed in this report. Stockholders elected all nominees for director to serve until the 2027 Annual Meeting. Class A directors Angela Ahrendts (29,487,839 votes for; 859,613 withheld) and Linda Findley (29,226,445 for; 1,121,007 withheld) were elected, while Darren Walker received notably more withheld votes, at 10,438,404 against 19,909,048 for. All nine Class B directors, including Ralph Lauren, Patrice Louvet, and David Lauren, each received 218,812,760 votes for, with no votes withheld. Stockholders also ratified Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending April 3, 2027, with 250,956,322 votes for, 522,890 against, and 19,063 abstentions. In a non-binding advisory vote, stockholders approved the compensation of the named executive officers and the company's compensation philosophy, policies and practices, with 247,311,631 votes for, 1,827,343 against, 21,238 abstentions, and 2,338,063 non-votes.

Aug 3, 2026 10-K

Ralph Lauren Annual Report, Year Ended Mar 28, 2026

Ralph Lauren Corporation reported Fiscal 2026 (52 weeks ended March 28, 2026) net revenues of $8.115 billion, up 14.6% on a reported basis and 11.8% on a constant currency basis, with growth across all reportable segments. Net income rose to $941.1 million from $742.9 million, and diluted EPS was $15.11 versus $11.61 a year earlier. Gross profit as a percentage of net revenues increased to 69.9% from 68.6%, and SG&A as a percentage of net revenues fell to 53.9% from 54.6%, while restructuring and other charges rose to $118.1 million from $57.8 million, largely tied to the Next Generation Transformation project. The balance sheet remained solid, with cash, cash equivalents and short-term investments of $2.065 billion against total debt of $1.239 billion, leaving a net cash and short-term investments position of $826.1 million (down from $940.4 million). Operating cash flow was $1.154 billion, while capital expenditures were $408.1 million, including strategic real estate purchases. The company returned $623.8 million through Class A share repurchases and withholdings and paid $216.5 million in dividends. In May 2026 the Board approved a quarterly dividend increase from $0.9125 to $1.00 per share, and $1.352 billion remained available under the repurchase program at fiscal year-end. The filing also highlights risks including tariff changes following the Supreme Court's February 2026 invalidation of IEEPA tariffs, with potential refunds that are not assured, as well as macroeconomic pressures, promotional retail conditions, and customer concentration: the three largest wholesale customers accounted for approximately 11% of net revenues. The Lauren family controls approximately 85% of voting power, and the company reported an effective tax rate of 20.1%.

May 21, 2026 8-K

Ralph Lauren 8-K Report, Financial Results (May 21, 2026)

Ralph Lauren Corporation reported fourth quarter and full year fiscal 2026 results (fiscal year ended March 28, 2026) in a press release furnished as Exhibit 99.1 under Item 2.02. For the fourth quarter, net revenues rose 17% to $2.0 billion on a reported basis and 12% in constant currency. Reported diluted EPS was $2.45 versus $2.03 a year earlier, and adjusted diluted EPS (excluding restructuring-related and other net charges) was $2.80 versus $2.27. Global direct-to-consumer comparable store sales increased 17% in the quarter and 13% for the full year. Asia led growth with fourth-quarter revenue up 31% on a reported basis, while Europe rose 18% reported (6% constant currency) and North America rose 8%. For full fiscal 2026, revenue increased 15% to $8.1 billion on a reported basis (12% in constant currency), reported operating margin was 14.5% and adjusted operating margin was 16.0%. Reported diluted EPS was $15.11 and adjusted diluted EPS was $16.59. The company ended the year with $2.1 billion in cash and short-term investments and $1.2 billion in total debt, and returned more than $700 million to shareholders through dividends and repurchases. The Board approved a 10% increase in the quarterly dividend to $1.00 per share. For fiscal 2027, the company provided a preliminary outlook calling for constant currency revenue growth of approximately mid-single digits (centered around 4% to 5%) and constant currency operating margin expansion of approximately 40 to 60 basis points. The outlook is described as preliminary and subject to change given the volatile operating environment, and it excludes potential future restructuring-related charges. Fiscal 2027 is a 53-week year.

May 21, 2026 8-K

Ralph Lauren 8-K Report, Financial Results (Feb 5, 2026)

Ralph Lauren Corporation furnished an 8-K under Item 2.02 reporting results for its fiscal third quarter ended December 27, 2025, with the full press release attached as Exhibit 99.1. Revenue rose 12% on a reported basis to $2.4 billion ($2,406.0 million) and 10% in constant currency. Diluted EPS was $5.82 on a reported basis, up 25%, and $6.22 on an adjusted basis, up 29%, compared with $4.66 and $4.82 a year earlier. Gross margin was 69.9%, 150 basis points above the prior year, and adjusted operating margin was 20.9%, 220 basis points higher. Asia revenue grew 22% to $620 million, with China up more than 30%. Europe grew 12% reported and 4% in constant currency, and North America grew 8%. The company raised its fiscal 2026 outlook. Constant-currency revenue growth is now expected to be high-single to low-double digits, up from 5% to 7%. Operating margin expansion is now expected at 100 to 140 basis points in constant currency, up from 60 to 80 basis points. For the fourth quarter, management expects operating margin to contract 80 to 120 basis points in constant currency, reflecting higher U.S. tariffs and marketing spend on a seasonally smaller revenue base. The balance sheet remained strong, with $2.3 billion in cash and short-term investments and $1.2 billion in total debt at quarter-end. Inventory was $1.1 billion, up 15% year over year. The company repurchased $350 million of Class A stock fiscal year-to-date and paid dividends of $0.9125 per share in the quarter. Capital expenditures for fiscal 2026 are expected at 4% to 5% of revenue.

Feb 5, 2026 10-Q

Ralph Lauren Quarterly Report for Q3 Ended Dec 27, 2025

Ralph Lauren Corporation's Form 10-Q for the third quarter of Fiscal 2026, ended December 27, 2025, reports strong top-line and profit growth. Net revenues rose to $2.406 billion for the three months (up 12.2% as reported and 10.0% on a constant currency basis) and to $6.136 billion for the nine months (up 14.0% reported and 11.7% constant currency). Net income was $361.6 million for the quarter, versus $297.4 million a year earlier, and diluted EPS was $5.82, versus $4.66. For the nine months, net income was $789.5 million and diluted EPS was $12.66. Gross margin expanded to 69.9% in both periods, and operating income rose 21.0% in the quarter to $471.3 million, with restructuring and other charges of $31.8 million (including $25.0 million tied to the Next Generation Transformation project). Cash generation was solid but moderated. Operating cash flow was $1.009 billion for the nine months, down from $1.113 billion, mainly on working capital changes. Capital expenditures more than doubled to $356.7 million, compared with $136.3 million a year earlier. The company issued $498.2 million of 5.000% Senior Notes due 2032 and repaid $400 million of 3.750% Senior Notes at maturity. It repurchased $350.1 million of Class A stock under its program and paid $161.3 million in dividends. Net cash and short-term investments were $1.013 billion, up from $940.4 million at March 29, 2025. Equity rose to $2.888 billion, and $1.502 billion remained available under the repurchase program. The filing states there are no material changes to the risk factors in the Fiscal 2025 10-K. Management expects Fiscal 2026 capital expenditures of roughly 4% to 5% of net revenues. The company also reported that its disclosure controls were effective as of December 27, 2025.

Feb 5, 2026 8-K

Ralph Lauren 8-K Report, Executive Changes (Jan 15, 2026)

Ralph Lauren Corporation filed this Form 8-K on January 15, 2026 to report the election of Cesar Conde as a Class B director, effective January 15, 2026. Mr. Conde, Chairman of NBCUniversal News Group, will serve until the 2026 Annual Meeting of Stockholders or until his successor is elected and qualified. In connection with his election, the Board increased its size from eleven members to twelve. The filing states that Mr. Conde was elected to the Board by the directors who were themselves elected by the holders of the Class B Common Stock at the last annual meeting. It also states there are no arrangements or understandings under which he was selected, no related-party transactions reportable under Item 404(a) of Regulation S-K, and that he will receive the same compensation, indemnification and other benefits as other non-employee directors. According to the attached press release (Exhibit 99.1), Mr. Conde holds a B.A. with honors from Harvard University and an M.B.A. from the Wharton School, previously served as President of Univision Networks, and also serves on the boards of Walmart and PepsiCo. Patrice Louvet, President and Chief Executive Officer, said his expertise will be valuable as the company executes its "Next Great Chapter: Drive" strategy.

Jan 15, 2026 10-Q

Ralph Lauren Quarterly Report for Q2 Ended Sep 27, 2025

Ralph Lauren Corporation's Form 10-Q for the second quarter of Fiscal 2026 (three and six months ended September 27, 2025) shows net revenues of $2.011 billion for the quarter, up 16.5% on a reported basis and 14.0% on a constant currency basis, versus $1.726 billion a year earlier. Net income rose to $207.5 million from $147.9 million, and diluted EPS increased to $3.32 from $2.31. Operating income was $245.7 million, or 12.2% of net revenues, compared with $178.9 million, or 10.4%, a year earlier. Gross profit as a percentage of net revenues rose to 68.0% from 67.0%, and SG&A as a percentage of net revenues fell to 53.9% from 55.5%. Restructuring and other charges, net, totaled $37.3 million, including $25.7 million tied to the Next Generation Transformation project. The effective tax rate was 14.6% versus 21.4% a year earlier. Balance sheet and cash flow shifted toward lower liquidity. Net cash and short-term investments fell to $407.8 million from $940.4 million at fiscal year-end, as the company repurchased $435.9 million of stock (including tax withholding), spent $281.1 million on capital expenditures, and paid $106.0 million in dividends. Operating cash flow was $229.3 million for the six months, down from $374.5 million, driven by unfavorable working capital changes including higher inventories of $1.261 billion, up from $949.6 million at March 29, 2025. The company issued $500 million of 5.000% Senior Notes due 2032 in June 2025 and repaid $400 million of 3.750% Senior Notes in September 2025, leaving total debt of $1.238 billion. Equity was $2.582 billion, and the Board's remaining share repurchase authorization was approximately $1.539 billion. The filing states there are no material changes to risk factors disclosed in the Fiscal 2025 10-K. The company's quarterly dividend was increased to $0.9125 per share from $0.825.

Nov 6, 2025 8-K

Ralph Lauren 8-K Report, Financial Results (Nov 6, 2025)

Ralph Lauren Corporation reported results for the fiscal second quarter ended September 27, 2025, in a press release furnished as Exhibit 99.1 under Item 2.02. Revenue rose 17% on a reported basis to $2.0 billion (14% in constant currency), with double-digit growth in all geographies. Reported diluted EPS was $3.32, up 44% from $2.31, and adjusted diluted EPS was $3.79, up 49% from $2.54. Reported operating income was $246 million, with an adjusted operating margin of 14.1%, up 270 basis points. Global direct-to-consumer comparable store sales grew 13%. The company raised its full-year fiscal 2026 outlook. It now expects constant currency revenue growth of 5% to 7% and an operating margin expansion of approximately 60 to 80 basis points in constant currency, up from its prior outlook. For the third quarter, it expects mid-single-digit constant currency revenue growth and 60 to 80 basis points of operating margin expansion. Management cited strength in full-price selling, average unit retail growth of 12%, and expense leverage, while noting continued caution about the global operating environment in the second half. The balance sheet at quarter end showed $1.6 billion in cash and short-term investments and $1.2 billion in total debt. During the period the company retired $400 million of senior notes and repurchased about $63 million of Class A common stock, bringing fiscal year-to-date repurchases to $313 million. Fiscal year-to-date dividends and repurchases totaled approximately $420 million.

Nov 6, 2025 8-K

Ralph Lauren 8-K Report, Regulation FD Disclosure (Sep 16, 2025)

Ralph Lauren Corporation furnished this Form 8-K on September 16, 2025, to report that it hosted an investor meeting in New York City that day to present its "Next Great Chapter: Drive" strategic growth plan and long-term financial outlook. The accompanying press release (Exhibit 99.1) states that the company is reiterating its Fiscal 2026 guidance, provided on its August 7, 2025 earnings call, and introducing a three-year outlook through Fiscal 2028. Management expects revenue to grow at a mid-single-digit compound annual growth rate in constant currency from a Fiscal 2025 base, and operating margin to expand approximately 100 to 150 basis points by Fiscal 2028 in constant currency. Operating profit growth is expected to exceed top-line growth by Fiscal 2028 in constant currency. On capital allocation, the company plans to return at least $2 billion in excess free cash flow to shareholders on a cumulative basis through Fiscal 2028 via regular quarterly dividends and share repurchases, subject to Board authorization and business conditions. Capital expenditures are expected to be approximately 4% to 5% of revenue annually through Fiscal 2028. The Board raised the regular quarterly dividend by approximately 10% to $0.9125 per share at the beginning of Fiscal 2026, an annual rate of $3.65 per share. The current share repurchase authorization allows up to $1.6 billion in Class A Common Stock repurchases. The outlook excludes potential restructuring-related and other net charges and is subject to risks including tariffs, inflationary pressures, supply chain disruptions, and foreign currency volatility. The filing furnishes the information under Item 7.01 and states that it is not deemed filed for Exchange Act Section 18 purposes.

Sep 16, 2025 8-K

Ralph Lauren 8-K Report, Financial Results (Aug 7, 2025)

Ralph Lauren Corporation reported results for the fiscal first quarter ended June 28, 2025 (Fiscal 2026), furnished under Item 2.02 via a press release (Exhibit 99.1). Revenue rose 14% on a reported basis to $1.72 billion and 11% in constant currency, with growth led by Asia (up 21% reported) and Europe (up 16% reported), and North America up 8%. Global direct-to-consumer comparable store sales grew 13%. Gross margin reached 72.3%, up 180 basis points, and adjusted operating margin was 17.0%, up 270 basis points. Reported diluted EPS was $3.52, up 35%, and adjusted diluted EPS was $3.77, up 40%. The company ended the quarter with $2.3 billion in cash and short-term investments and $1.6 billion in total debt, compared with $1.8 billion and $1.1 billion a year earlier. Inventory was $1.2 billion, up 18%. The company repurchased approximately $250 million of Class A common stock and returned $300 million to shareholders through dividends and buybacks during the quarter. Management raised its full-year Fiscal 2026 outlook. It now expects constant-currency revenue to increase low- to mid-single digits and constant-currency operating margin to expand approximately 40 to 60 basis points, driven mainly by operating expense leverage. For the second quarter, it expects high-single-digit constant-currency revenue growth and 120 to 160 basis points of operating margin expansion. Management stated it remains cautious about the global operating environment in the second half of the fiscal year.

Aug 7, 2025 10-Q

Ralph Lauren Quarterly Report for Q1 Ended Jun 28, 2025

Ralph Lauren Corporation's Form 10-Q for the first quarter of Fiscal 2026, ended June 28, 2025, reports net revenues of $1.719 billion, up from $1.512 billion in the prior-year quarter, and net income of $220.4 million, or $3.52 per diluted share, versus $168.6 million, or $2.61 per diluted share. Operating income rose to $273.6 million from $208.5 million, and gross profit as a percentage of net revenues increased to 72.3% from 70.5%. Net revenues grew across all reportable segments, with Asia up 21.2% on a reported basis and Europe up 15.7%. Total comparable store sales increased 13%, with digital commerce up 20% and brick and mortar up 12%. Restructuring and other charges, net, totaled $19.3 million, including $11.0 million tied to the Next Generation Transformation project, which reduced net income by $15.4 million after tax. Cash and cash equivalents rose to $2.090 billion, but the company's net cash and short-term investments position fell to $639.8 million from $940.4 million at fiscal year-end, as the company repurchased $323.3 million of stock, spent $187.3 million on capital expenditures and paid $50.7 million in dividends. In June 2025 the company issued $500 million of 5.000% Senior Notes due 2032, which increased long-term debt to $1.237 billion. Equity declined to $2.515 billion from $2.588 billion. The Board raised the quarterly dividend to $0.9125 per share from $0.825 and expanded the repurchase authorization by $1.500 billion, leaving approximately $1.602 billion available. Management expects capital expenditures of roughly 4% to 5% of net revenues for Fiscal 2026. The filing notes that tariff increases, inflation, currency volatility and geopolitical conflicts remain key risks, and that the company has not been significantly affected by supply chain disruptions to date.

Aug 7, 2025 8-K

Ralph Lauren 8-K Report, Shareholder Vote Results (Aug 4, 2025)

Ralph Lauren Corporation filed this Form 8-K to report the results of its Annual Meeting of Stockholders, held on July 31, 2025. At the meeting, stockholders elected all of the company's nominees for director to serve until the 2026 Annual Meeting, ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending March 28, 2026, and approved, on an advisory basis, the compensation of the named executive officers and the company's compensation philosophy, policies and practices. On the Class A director elections, Angela Ahrendts received 18,215,664 votes for and 12,935,186 withheld, Linda Findley received 30,074,559 votes for and 1,076,291 withheld, and Darren Walker received 20,194,315 votes for and 10,956,535 withheld, with 3,251,514 non-votes recorded for each. All eight Class B director nominees, including Ralph Lauren, Patrice Louvet, David Lauren and Frank A. Bennack, Jr., each received 218,812,760 votes for and no votes withheld. Class B shares carry ten votes per share, and Class A and Class B stock vote together as a single class on matters other than director elections. For the auditor ratification, 252,357,967 votes were cast for, 795,328 against and 61,829 abstained. On the advisory say-on-pay proposal, 247,955,843 votes were cast for, 1,948,892 against and 58,875 abstained, with 3,251,514 non-votes. The filing reports no other matters submitted to a vote.

Aug 4, 2025 8-K

Ralph Lauren 8-K Report, Material Agreement (Jun 5, 2025)

On June 5, 2025, Ralph Lauren Corporation completed its offering of $500 million aggregate principal amount of unsecured 5.000% Senior Notes due 2032. The Notes were sold under an automatic shelf registration statement on Form S-3 and an underwriting agreement dated June 2, 2025 with BofA Securities, Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC as representatives of the underwriters. The Notes mature June 15, 2032, pay interest semi-annually on June 15 and December 15 beginning December 15, 2025, and rank equally in right of payment with the company's existing and future unsecured and unsubordinated obligations. The Notes are redeemable at the company's option before April 15, 2032 at the greater of a make-whole price based on the Treasury Rate plus 0.15% and 100% of principal, and at 100% of principal thereafter, in each case plus accrued interest. The Indenture contains customary covenants limiting liens, sale and leaseback transactions, and consolidations, mergers or asset sales. Upon a Change of Control Repurchase Event, the company must offer to repurchase the Notes at 101% of principal plus accrued interest. The company expects to use the net proceeds for general corporate purposes, which may include repaying the $400 million outstanding principal of its existing 3.750% Senior Notes due September 15, 2025. Certain underwriters or their affiliates have provided other banking services to the company and are lenders under its global credit facility.

Jun 5, 2025 10-K

Ralph Lauren Annual Report, Year Ended Mar 29, 2025

Ralph Lauren Corporation's Fiscal 2025 (ended March 29, 2025) 10-K shows net revenues of $7.079 billion, up 6.8% on a reported basis and 7.7% on a constant currency basis from $6.631 billion in Fiscal 2024. Operating income rose $175.7 million, or 23.2%, to $932.1 million, and the operating margin improved 180 basis points to 13.2%. Net income increased $96.6 million to $742.9 million, and diluted EPS rose to $11.61 from $9.71. Gross profit as a percentage of net revenues increased 180 basis points to 68.6%, driven mainly by geographic and channel mix, AUR growth, and lower cotton costs, partly offset by higher SG&A as a percentage of revenue, which rose 30 basis points to 54.6%. The balance sheet and cash flow position strengthened. Net cash and short-term investments were $940.4 million at year-end, up from $642.7 million. Operating cash flow was $1.235 billion, versus $1.070 billion the prior year. The company repurchased $480.9 million of stock including tax withholdings, paid $201.1 million in dividends, and spent $216.2 million on capital expenditures. Total debt was about $1.1 billion, and the company had $805 million of remaining credit facility availability. On May 15, 2025, the board approved an additional $1.500 billion share repurchase authorization and raised the quarterly dividend from $0.825 to $0.9125 per share. The filing also identifies material risks. These include new U.S. tariffs and possible retaliatory measures, which the company says could significantly increase product costs given that about 96% of its products are produced outside the U.S. Other risks include consumer demand sensitivity, wholesale customer concentration (three largest customers at about 12% of revenue), and the multi-year Next Generation Transformation project, which carried other charges of $25.2 million in Fiscal 2025. The Lauren family controls about 85% of the voting power.

May 22, 2025 8-K

Ralph Lauren 8-K Report, Financial Results (May 22, 2025)

Ralph Lauren Corporation reported results for the fourth quarter and full fiscal year ended March 29, 2025, and furnished its press release as Exhibit 99.1 under Item 2.02. Fourth-quarter revenue rose 8% to $1.7 billion on a reported basis (10% in constant currency), and fiscal 2025 revenue rose 7% to $7.1 billion reported (8% constant currency). Fourth-quarter diluted EPS was $2.03 reported and $2.27 adjusted, versus $1.38 and $1.71 a year earlier. Full-year diluted EPS was $11.61 reported and $12.33 adjusted, versus $9.71 and $10.31 in fiscal 2024. Direct-to-consumer comparable store sales increased 13% in the fourth quarter and 10% for the full year. The company ended fiscal 2025 with $2.1 billion in cash and short-term investments and $1.1 billion in total debt. It returned $625 million to shareholders in fiscal 2025 through dividends and repurchases, and its board approved a 10% dividend increase to $0.9125 per quarter and a $1.5 billion expansion of its share repurchase program. Capital expenditures were $216 million for the year. For fiscal 2026, management issued preliminary guidance for low-single-digit constant-currency revenue growth, with growth weighted to the first half, and modest operating margin expansion in constant currency, inclusive of tariffs. Gross margin is expected to be roughly flat in constant currency as tariff and non-cotton cost pressures offset AUR growth and lower cotton costs. The first quarter outlook calls for high-single-digit constant-currency revenue growth and operating margin expansion of 150 to 200 basis points.

May 22, 2025 8-K

Ralph Lauren 8-K Report, Executive Changes (Apr 1, 2025)

Ralph Lauren Corporation filed this Current Report on Form 8-K dated April 1, 2025, under Item 5.02 (Departure of Directors or Certain Officers; Compensatory Arrangements of Certain Officers). The filing discloses that on March 30, 2025, the company entered into Amendment No. 2 to the Amended and Restated Employment Agreement with Halide Alagoz. Under the amended agreement, Ms. Alagoz's annual base salary will be no less than $1 million, and the target grant value of her annual stock award will be $2 million, beginning with the fiscal 2026 grant cycle. The filing states that these terms are a summary and are qualified in their entirety by the full agreement, filed as Exhibit 10.1. The filing is limited to this compensation change for a named officer. It does not report financial results, earnings, or other operating information. The filing is signed by Justin M. Picicci, Chief Financial Officer.

Apr 1, 2025 10-Q

Ralph Lauren Quarterly Report for Q3 Ended Dec 28, 2024

Ralph Lauren Corporation's Form 10-Q for the third quarter of Fiscal 2025, ended December 28, 2024, reports net revenues of $2.143 billion for the three months, up 10.8% from $1.934 billion, and net income of $297.4 million, or $4.66 per diluted share, versus $4.19 a year earlier. For the nine months, net revenues were $5.382 billion (up 6.3%) and net income was $613.9 million, or $9.57 per diluted share. Gross profit as a percentage of net revenues rose to 68.4% in the quarter from 66.5%, and operating income increased 22.6% to $389.7 million. Growth was reported across all three reportable segments, with North America, Europe and Asia each contributing higher net revenues and operating margins. Balance sheet and liquidity remained strong. Cash and cash equivalents were $1.940 billion and short-term investments $203.0 million, against total debt of $1.142 billion, leaving a net cash and short-term investments position of $1.001 billion, up from $642.7 million at fiscal year-end 2024. Operating cash flow for the nine months was $1.113 billion. The company repurchased $348.5 million of Class A stock under its program during the nine months, leaving approximately $428 million of remaining authorization, and paid $150.1 million in dividends. The quarterly dividend was increased to $0.825 per share from $0.75 earlier in fiscal 2025. Management expects Fiscal 2025 capital expenditures of approximately $200 million to $250 million. The filing also flags headwinds. Management cites persistent inflationary pressures, promotional retail conditions, geopolitical conflicts, and supply chain disruptions, and it notes a Next Generation Transformation project that generated $17.1 million of other charges in the nine months. The effective tax rate rose to 22.5% in the quarter from 16.1%, and the company recorded a $6.4 million investment write-down in the quarter. The company reports no material changes to risk factors disclosed in its Fiscal 2024 10-K.

Feb 6, 2025 8-K

Ralph Lauren 8-K Report, Financial Results (Feb 6, 2025)

Ralph Lauren Corporation reported results for its third quarter of Fiscal 2025, the fiscal quarter ended December 28, 2024, in a press release furnished as Exhibit 99.1 under Item 2.02. Revenue rose 11% to $2.1 billion on both a reported and constant-currency basis, with global direct-to-consumer comparable store sales up 12%. Reported diluted EPS was $4.66, up 11% from $4.19, and adjusted diluted EPS was $4.82, up 16% from $4.17, excluding restructuring-related and other net charges. Reported operating income was $389.7 million (operating margin 18.2%), and adjusted operating margin was 18.7%, 230 basis points above the prior year. The company raised its full-year Fiscal 2025 outlook. Constant-currency revenue growth is now expected at approximately 6% to 7% (previously not stated in this filing), foreign currency is expected to reduce revenue by 100 to 150 basis points, and operating margin is expected to expand approximately 120 to 160 basis points in constant currency. Fourth-quarter guidance calls for constant-currency revenue growth of approximately 6% to 7%, with foreign currency reducing revenue growth by approximately 300 basis points. Capital expenditures for Fiscal 2025 are now expected at $200 million to $250 million. The balance sheet remained solid at quarter-end, with cash and short-term investments of $2.1 billion against total debt of $1.1 billion. Inventories were $998.6 million, and the company repurchased approximately $74 million of Class A Common Stock in the quarter. Year to date, the company has returned approximately $500 million to shareholders through dividends and share repurchases.

Feb 6, 2025 8-K

Ralph Lauren 8-K Report, Executive Changes (Jan 21, 2025)

Ralph Lauren Corporation filed this Form 8-K on January 21, 2025 to report enterprise leadership changes. On January 20, 2025, the Company appointed Robert (Bob) Ranftl as Chief Operating Officer, effective March 30, 2025, succeeding Jane Nielsen, whose planned departure was previously announced as part of a multi-year strategic succession plan. Ranftl is currently Regional Chief Executive Officer for North America, and he will be succeeded in that role by Mercedes Abramo, who joins the Company from Cartier S.A. on March 1 and whose appointment is described as Regional CEO, North America. Under his Employment Agreement dated January 20, 2025, Ranftl receives an annual base salary of not less than $1,000,000, a target bonus of 100% and a maximum bonus of 200% of fiscal year salary earnings under the Executive Incentive Plan, and beginning in fiscal year 2026 an annual equity award valued at $2,250,000. The agreement provides one year of base salary continuation plus a lump sum equal to his target bonus upon a termination without Cause or for Good Reason. If such a termination occurs within 12 months after a Change in Control, he would receive a lump sum equal to two times his base salary and most recent bonus, and unvested equity would vest immediately. The filing also furnishes a press release, dated January 21, 2025, announcing the appointments. The press release states that Ranftl will oversee IT, logistics, real estate, architecture, store design and the licensing organization as COO, and that both executives will join the enterprise leadership team reporting to Patrice Louvet, President and Chief Executive Officer.

Jan 21, 2025 10-Q

Ralph Lauren Quarterly Report for Q2 Ended Sep 28, 2024

Ralph Lauren Corporation's Form 10-Q for the second quarter of Fiscal 2025 (ended September 28, 2024) shows net revenues of $1.726 billion for the three months, up from $1.633 billion a year earlier, and net income of $147.9 million, or $2.31 per diluted share, versus $146.9 million and $2.19 a year earlier. For the six months, net revenues were $3.238 billion and net income was $316.5 million, or $4.93 per diluted share. Gross profit as a percentage of net revenues rose to 67.0% for the quarter and 68.6% for the six months, and operating income rose to $178.9 million for the quarter and $387.4 million for the six months. The filing attributes the revenue growth primarily to direct-to-consumer channels and international businesses, and notes restructuring and other charges of $18.4 million in the quarter and $25.8 million for the six months. The balance sheet and cash flow picture shows a shift in liquidity. Cash and cash equivalents fell to $1.355 billion from $1.662 billion at fiscal year-end, while short-term investments rose to $334.7 million. Net cash and short-term investments declined to $548.2 million from $642.7 million, driven by $330.2 million of share repurchases (including tax withholdings), $98.9 million of dividends, and $75.1 million of capital expenditures, partially offset by $374.5 million of operating cash flow. Total debt is $1.141 billion, with $399.3 million classified as current because the 3.750% Senior Notes mature September 15, 2025. Inventories increased to $1.128 billion from $902.2 million at fiscal year-end. Management cited persistent inflation, promotional retail conditions, supply chain disruptions, foreign currency volatility, and geopolitical conflicts as ongoing risks. The company reports no material changes to risk factors versus its Fiscal 2024 10-K, no goodwill impairment, and an effective tax rate of 21.8% for the six months. Remaining share repurchase authorization was approximately $502 million as of September 28, 2024, and the quarterly dividend was raised to $0.825 per share.

Nov 7, 2024 8-K

Ralph Lauren 8-K Report, Financial Results (Nov 7, 2024)

Ralph Lauren Corporation reported results for the fiscal second quarter ended September 28, 2024 (Fiscal 2025), in a press release furnished as Exhibit 99.1 under Item 2.02. Net revenues rose to $1.73 billion, up 6% on both a reported and constant currency basis, with growth led by Asia (up 9% reported, 10% constant currency) and Europe (up 7% reported, 6% constant currency). North America revenue increased 3% to $739 million, with retail comparable store sales up 6%. Reported diluted EPS was $2.31, compared with $2.19 a year earlier, and adjusted diluted EPS, excluding restructuring-related and other net charges, was $2.54 versus $2.10. Reported operating income was $178.9 million, and adjusted operating margin was 11.4%. The company raised its full-year Fiscal 2025 outlook. It now expects constant currency revenue growth of approximately 3% to 4% and operating margin expansion of approximately 110 to 130 basis points in constant currency. For the third quarter, it expects constant currency revenue growth of approximately 3% to 4% and operating margin expansion of approximately 100 to 140 basis points in constant currency. The full-year tax rate is now expected to be approximately 22% to 23%, and capital expenditures are expected to be $250 million to $300 million. Balance sheet and cash returns remained solid. Cash and short-term investments totaled $1.7 billion against total debt of $1.1 billion, and the company repurchased approximately $100 million of Class A Common Stock in the quarter. Inventory was $1.1 billion, down 6% year over year, primarily reflecting strategic reductions in North America. Shareholders received approximately $375 million through dividends and share repurchases fiscal year-to-date.

Nov 7, 2024 8-K

Ralph Lauren 8-K Report, Financial Results (Aug 7, 2024)

Ralph Lauren Corporation reported results for its first quarter of Fiscal 2025, the quarter ended June 29, 2024, in a press release furnished as Exhibit 99.1 under Item 2.02. Revenue rose 1% to $1.5 billion on a reported basis and 3% in constant currency, with growth led by Europe and Asia. Reported diluted EPS was $2.61, up 33% from $1.96, and adjusted diluted EPS was $2.70 versus $2.34 in the prior year. Net income was $168.6 million on a reported basis, and operating margin was 13.8% reported and 14.3% adjusted. Direct-to-consumer comparable store sales grew 5%, with positive retail comps in all regions. By segment, Europe revenue rose 6% to $479.1 million and Asia rose 4% to $390.9 million, while North America fell 4% to $608.2 million as planned declines in wholesale offset stronger direct-to-consumer performance. Inventory was $1.04 billion, down 13% year over year, and the company ended the quarter with $1.76 billion in cash and short-term investments and $1.14 billion in long-term debt. The company repurchased approximately $176 million of Class A common stock and paid dividends of $0.825 per share. Management reaffirmed its full-year Fiscal 2025 outlook of low-single-digit constant-currency revenue growth, centered around 2% to 3%, and adjusted operating margin expansion of 100 to 120 basis points in constant currency. For the second quarter, the company guided to constant-currency revenue growth centered around 3% to 4% and operating margin expansion of 80 to 120 basis points, while raising its full-year tax rate expectation to 22% to 23%.

Aug 7, 2024 10-Q

Ralph Lauren Quarterly Report for Q1 Ended Jun 29, 2024

Ralph Lauren Corporation's Form 10-Q for the first quarter of Fiscal 2025, ended June 29, 2024, reports net revenues of $1.512 billion, up 1.1% on a reported basis and 2.8% on a constant currency basis from $1.496 billion in the prior-year quarter. Net income rose to $168.6 million from $132.1 million, and diluted EPS increased to $2.61 from $1.96. Operating income was $208.5 million versus $166.4 million, with operating margin of 13.8% compared with 11.1% a year earlier. Gross margin improved 150 basis points to 70.5%, driven by product, channel and geographic mix, lower cotton costs and average unit retail growth, while SG&A rose 70 basis points to 56.2% of revenues on higher marketing investment. Restructuring and other charges totaled $7.4 million, compared with $33.7 million in total charges in the prior-year quarter. Total comparable store sales increased 5%. By segment, Europe and Asia drove growth in operating margin, with Europe operating margin up 360 basis points to 25.2% and Asia up 270 basis points to 27.4%. North America net revenues declined 3.7% to $608.2 million, reflecting a wholesale decline tied to receipt timing and planned reductions in off-price sales, partially offset by retail growth. Cash and cash equivalents were $1.587 billion at quarter end, and the net cash and short-term investments position fell to $619.4 million from $642.7 million, as the company used cash for $201.2 million of share repurchases and withholdings, $47.5 million of dividends and $33.4 million of capital expenditures. Operating cash flow was $277.3 million. The quarterly dividend was raised to $0.825 per share from $0.75, and about $600 million remained under the Class A repurchase authorization.

Aug 7, 2024 8-K

Ralph Lauren 8-K Report, Shareholder Vote Results (Aug 7, 2024)

Ralph Lauren Corporation reported the results of its Annual Meeting of Stockholders, held on August 1, 2024, in this Current Report on Form 8-K dated August 7, 2024. Stockholders elected all of the company's director nominees to serve until the 2025 Annual Meeting, ratified Ernst & Young LLP as independent registered public accounting firm for the fiscal year ending March 29, 2025, and approved, on an advisory basis, the compensation of the named executive officers and the company's compensation philosophy, policies and practices. The most notable item is the vote on Class A director Darren Walker, who received 15,863,899 votes for and 17,821,362 votes withheld. The company stated that these withheld votes are primarily reflective of shareholder views regarding its dual-class capital structure and not a specific objection to Mr. Walker, who has served on the Board since 2020 and is a member of the Nominating, Governance, Citizenship & Sustainability Committee. Class B directors each received 218,812,760 votes for, with no votes withheld. The advisory say-on-pay proposal received 245,422,508 votes for and 7,055,263 votes against, with 20,250 abstentions and 3,240,510 non-votes. The filing is signed by Chief Financial Officer Justin Picicci. No other items were reported.

Aug 7, 2024 8-K

Ralph Lauren 8-K Report, Financial Results (May 23, 2024)

Ralph Lauren Corporation reported fourth quarter and full year fiscal 2024 results (fiscal year ended March 30, 2024) in a press release furnished as Exhibit 99.1 under Item 2.02. Full year net revenues rose 3% to $6.6 billion, with fourth quarter revenue up 2% on a reported basis and 3% in constant currency. Global direct-to-consumer comparable store sales increased 6% for both the fourth quarter and the full year. Reported diluted EPS was $9.71 for the year versus $7.58 in fiscal 2023, and adjusted diluted EPS was $10.31 versus $8.34. Reported operating margin was 11.4% and adjusted operating margin was 12.5%. The company outlined fiscal 2025 guidance calling for low-single-digit revenue growth on both reported and constant currency bases, centering on about 2% to 3% in constant currency, with operating margin expected to expand approximately 100 to 120 basis points in constant currency. For the first quarter of fiscal 2025, revenue is expected to be up slightly in constant currency and down slightly on a reported basis. The company also declared a 10% increase in its quarterly dividend to $0.825 per share, and announced that Justin Picicci will become Chief Financial Officer effective May 23, 2024, as part of a multi-year succession plan, while Jane Nielsen remains Chief Operating Officer through fiscal 2025. The company ended fiscal 2024 with $1.8 billion in cash and short-term investments and $1.1 billion in total debt, and returned approximately $600 million to shareholders through dividends and share repurchases during the year. Inventory fell 16% to $902 million. Capital expenditures for fiscal 2025 are planned at $300 million to $325 million.

May 23, 2024 10-K

Ralph Lauren Annual Report, Year Ended Mar 30, 2024

Ralph Lauren Corporation's 10-K for fiscal 2024 (year ended March 30, 2024) reports net revenues of $6.631 billion, up 2.9% on a reported basis and 2.7% on a constant currency basis, with growth led by international businesses. Net income rose to $646.3 million from $522.7 million, and diluted EPS increased to $9.71 from $7.58. Gross profit as a percentage of net revenues improved 220 basis points to 66.8%, driven by lower freight costs, favorable geographic and channel mix, and higher average unit retail. SG&A rose to 54.3% of net revenues, and operating income reached $756.4 million, or 11.4% of net revenues. The company ended the year with a net cash and short-term investments position of $642.7 million, up from $427.2 million. Operating cash flow was $1.070 billion, which funded $449.7 million in share repurchases (including tax withholdings), $194.6 million in dividends, and $164.8 million in capital expenditures. Total debt was about $1.1 billion, consisting of unsecured senior notes, and roughly $807 million of credit and overdraft facilities remained available. The Lauren family held approximately 84% of voting power as of March 30, 2024. The filing also discloses a leadership change: Jane Nielsen stepped down as Chief Financial Officer effective May 23, 2024, remaining Chief Operating Officer until March 29, 2025, and Justin Picicci was appointed CFO. The board also approved an increase in the quarterly dividend from $0.75 to $0.825 per share. The company continues its Next Generation Transformation project, a multi-year global initiative to support its direct-to-consumer strategy.

May 23, 2024 8-K

Ralph Lauren 8-K Report, Financial Results (Feb 8, 2024)

Ralph Lauren Corporation reported results for its fiscal third quarter ended December 30, 2023, via a press release furnished as Exhibit 99.1 under Item 2.02. Revenue rose 6% to $1.9 billion on a reported basis and 5% in constant currency, with all regions exceeding expectations, led by Asia. Reported diluted EPS was $4.19, up 31%, and adjusted diluted EPS was $4.17, up 24%, compared with $3.20 reported and $3.35 adjusted a year earlier. Global direct-to-consumer comparable store sales accelerated to 9% growth in the quarter. Adjusted operating margin was 16.4%, and the operating expense rate rose to 50.0% from 49.2%, reflecting strategic investments in marketing, digital and key city ecosystems. Regional performance was mixed. Asia revenue grew 16% reported and 17% in constant currency, with China up more than 30%. Europe revenue rose 11% reported and 6% in constant currency. North America was approximately flat, with North America wholesale revenue down 15%, and adjusted North America operating margin fell 150 basis points to 21.8%. Inventory was $1.1 billion, down 15% year over year, and the company held $1.9 billion in cash and short-term investments against $1.1 billion of total debt. For fiscal 2024, management reiterated its outlook for low-single-digit revenue growth in constant currency, now centering on 2%, and expects gross margin expansion of 140 to 180 basis points in constant currency. Full-year operating margin is expected to be 12.3% to 12.5%, and the fiscal 2024 tax rate is now expected at 19% to 20%. Fourth-quarter revenue growth is guided to be centered around 2% in constant currency, with foreign currency expected to reduce reported growth by about 160 basis points.

Feb 8, 2024 10-Q

Ralph Lauren Quarterly Report for Q3 Ended Dec 30, 2023

Ralph Lauren Corporation's Form 10-Q for the third quarter of Fiscal 2024, ended December 30, 2023, reports net revenues of $1.934 billion for the three months, up 5.6% as reported and 4.7% on a constant currency basis, with net income of $276.6 million and diluted EPS of $4.19, compared with $3.20 a year earlier. For the nine months, net revenues were $5.063 billion (up 3.3%), net income was $555.6 million, and diluted EPS was $8.31. Growth was led by international businesses, and total comparable store sales rose 9% in the quarter. Gross margin expanded 150 basis points to 66.5% on lower freight costs, favorable channel and geographic mix, higher pricing and lower non-routine inventory charges. SG&A rose to 50.0% of revenues from 49.2%, and operating income grew 12.6% to $317.7 million for the quarter. Net income was helped by $20.6 million more in interest income and a lower effective tax rate of 16.1%. The balance sheet remained strong. Cash and cash equivalents were $1.804 billion and short-term investments $113.8 million against long-term debt of $1.140 billion, leaving a net cash and short-term investments position of $777.4 million, up from $427.2 million at fiscal year-end. Nine-month operating cash flow was $948.7 million, versus $397.0 million a year earlier. The company repurchased $277.7 million of Class A stock and paid $146.7 million in dividends in the nine months, and about $897 million remained under its repurchase authorization. Management expects Fiscal 2024 capital expenditures of approximately $200 million to $225 million. The Global Credit Facility of $750 million was undrawn, and no Event of Default had occurred. The filing also flags continuing risks, including inflationary pressures, foreign currency volatility, the Russia-Ukraine and Israel-Hamas conflicts, Red Sea shipping disruption, and a promotional retail environment. Restructuring charges were $38.3 million in the nine months, and the company reports no material changes to the risk factors in its Fiscal 2023 10-K.

Feb 8, 2024 8-K

Ralph Lauren 8-K Report, Financial Results (Nov 8, 2023)

Ralph Lauren Corporation reported results for the fiscal quarter ended September 30, 2023 (Q2 Fiscal 2024), furnished under Item 2.02 via a press release (Exhibit 99.1) dated November 8, 2023. Revenue rose 3% on a reported basis to $1.6 billion ($1,633.0 million) and 2% in constant currency. Reported diluted EPS was $2.19 versus $2.18 a year earlier, and adjusted diluted EPS was $2.10 versus $2.23, excluding restructuring-related and other net charges and one-time tax events. Net income was $146.9 million on a reported basis. Global direct-to-consumer comparable store sales grew 6%, and average unit retail rose 10%. By segment, Asia led growth with revenue up 10% reported and 13% in constant currency, while Europe grew 7% reported but was flat in constant currency. North America declined 1%, with wholesale down 7% as the company managed sell-in against softer demand. Adjusted operating margin was 10.5%, 290 basis points below the prior year, reflecting higher operating expenses from compensation, rent and occupancy, and marketing and digital investments. Reported gross margin was 65.5%, and adjusted gross margin was 65.4%, 80 basis points above the prior year. Global inventories were $1.2 billion, down 5%. Management reiterated its full-year Fiscal 2024 outlook of low-single-digit constant-currency revenue growth centering on 1% to 2%, and raised its expected constant-currency gross margin expansion to 120 to 170 basis points from 100 basis points. Operating margin is still expected to expand 30 to 50 basis points in constant currency to 12.3% to 12.5%. Third-quarter revenue is guided up roughly 1% to 2% in constant currency, with operating margin roughly flat. The company also returned approximately $275 million to shareholders year to date through dividends and share repurchases.

Nov 8, 2023 10-Q

Ralph Lauren Quarterly Report for Q2 Ended Sep 30, 2023

Ralph Lauren Corporation's Form 10-Q for the second quarter of Fiscal 2024 (ended September 30, 2023) reports net revenues of $1.633 billion for the three months, up from $1.579 billion a year earlier, and net income of $146.9 million, versus $150.5 million. Diluted EPS was $2.19 compared with $2.18. Operating income fell to $164.5 million from $206.7 million, with SG&A expenses rising to $896.3 million from $809.5 million. Management attributes the margin pressure mainly to higher compensation-related and marketing costs, while gross profit improved on lower freight costs and favorable mix. Net income was supported by a one-time $11.8 million tax benefit tied to Swiss tax reform and the EU anti-tax avoidance directive, and by higher interest income of $15.8 million. For the six months, net revenues were $3.130 billion and net income was $279.0 million, with diluted EPS of $4.15 versus $3.90 a year earlier. Asia led revenue growth, with Asia net revenues up $75.4 million for the six months, offsetting a $77.8 million decline in North America. Operating cash flow improved sharply to $343.6 million from $1.9 million, largely due to working capital changes. The company repurchased $225.7 million of stock, including tax withholdings, and paid $98.2 million in dividends. Cash and cash equivalents were $1.382 billion at quarter end, and long-term debt was $1.140 billion. The balance sheet shows total equity of $2.369 billion, and net cash and short-term investments of $327.4 million, down from $427.2 million at fiscal year-end. Remaining repurchase authorization was approximately $1.000 billion, and the company expects capital expenditures of approximately $250 million for Fiscal 2024.

Nov 8, 2023 8-K

Ralph Lauren 8-K Report, Financial Results (Aug 10, 2023)

Ralph Lauren Corporation reported its results for the fiscal quarter ended July 1, 2023 (first quarter of Fiscal 2024) in a press release furnished as Exhibit 99.1 under Item 2.02. Net revenues were $1,496.5 million, up 0.4% as reported and 1.2% in constant currency. Reported diluted EPS was $1.96 versus $1.73 a year earlier, and adjusted diluted EPS was $2.34 versus $1.88, excluding restructuring-related and other net charges. Reported operating income was $166.4 million, compared with $175.2 million a year earlier, reflecting $35.6 million of restructuring and other charges. By segment, Asia revenue rose 13.0% as reported and 17.7% in constant currency, while North America declined 9.8% as reported and 9.6% in constant currency, with the filing attributing part of the decline to the timing of wholesale shipments. Europe revenue grew 8.4% as reported and 7.1% in constant currency. Gross margin was 69.0% on a reported basis. Cash and short-term investments totaled $1,680.3 million against total debt of $1,139.0 million in long-term debt, and the company repurchased approximately $50 million of Class A Common Stock during the quarter. The company reiterated its full-year Fiscal 2024 outlook of low-single-digit revenue growth in constant currency, with operating margin expanding approximately 30 to 50 basis points in constant currency. It also raised its gross margin expansion expectation to approximately 100 basis points in constant currency, from a previous 50 to 100 basis points, and now expects capital expenditures of $250 million to $275 million. For the second quarter, it expects revenue flat to up slightly in constant currency and reported operating margin of 9.5% to 10.0%.

Aug 10, 2023 10-Q

Ralph Lauren Quarterly Report for Q2 Ended Jul 1, 2023

Ralph Lauren Corporation's first-quarter Fiscal 2024 Form 10-Q, covering the three months ended July 1, 2023, reported net revenues of $1.496 billion, up 0.4% on a reported basis and 1.2% on a constant currency basis, compared with $1.491 billion in the prior-year quarter. Net income rose to $132.1 million from $123.4 million, and diluted EPS was $1.96 versus $1.73. Growth was driven by international businesses, which more than offset a 9.8% decline in North America net revenues. Operating income fell 5.0% to $166.4 million, with the operating margin at 11.1%, versus 11.8% a year earlier. Restructuring and other charges, net, totaled $35.6 million, and the filing states that net restructuring-related and other charges reduced diluted EPS by $0.38. Gross margin improved 180 basis points to 69.0%, reflecting lower non-routine inventory charges, lower freight costs, and favorable channel and geographic mix. SG&A rose to 55.5% of net revenues from 55.0%. Operating cash flow was $270.7 million, compared with $45.3 million in the prior-year quarter, and the net cash and short-term investments position increased to $541.3 million from $427.2 million at fiscal year-end. Capital returns continued during the quarter. The company repurchased $50.0 million of Class A stock, paid $49.2 million in dividends, and reported approximately $1.125 billion of remaining repurchase authorization. Management stated there were no material changes to previously disclosed risk factors, and the filing notes that the Russia-Ukraine war, inflation, and foreign currency volatility continue to affect the business.

Aug 10, 2023 8-K

Ralph Lauren 8-K Report, Shareholder Vote Results (Aug 8, 2023)

Ralph Lauren Corporation held its Annual Meeting of Stockholders on August 3, 2023, and this Form 8-K reports the voting results. Stockholders elected all of the company's nominees for director to serve until the 2024 Annual Meeting. Each Class B director received 248,812,760 votes for and no votes withheld, while Class A directors received varying levels of support. Linda Findley received 33,382,310 votes for and 1,437,244 withheld, and Darren Walker received 19,017,937 votes for and 15,801,617 withheld, the lowest support among the Class A nominees. Stockholders also ratified Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending March 30, 2024, with 284,767,359 votes for, 1,322,730 against, and 35,587 abstentions. On an advisory basis, stockholders approved the compensation of the named executive officers and the company's compensation philosophy, policies and practices, with 278,146,514 votes for and 5,439,881 against. In the advisory vote on the frequency of future say-on-pay votes, 283,394,684 votes favored every year, 11,225 favored every two years, and 210,339 favored every three years. In light of these results, the company intends to continue holding advisory votes on executive compensation annually.

Aug 8, 2023 8-K

Ralph Lauren 8-K Report, Material Agreement (Jul 7, 2023)

On July 7, 2023, Ralph Lauren Corporation reported that on June 30, 2023 (the Effective Date), it and certain foreign subsidiaries entered into a five-year, senior revolving credit agreement with JPMorgan Chase Bank, N.A. as administrative agent, alongside Bank of America, N.A. as syndication agent and several co-documentation agents and a syndicate of lenders. The facility provides up to $750 million in aggregate borrowings at any one time, including sub-facilities for Letters of Credit (capped at $50 million), and the revolving commitments may be increased up to $1.5 billion subject to certain terms. The facility matures in June 2028 and may be used for working capital, capital expenditures, investments, general corporate purposes, commercial paper back-up and acquisitions. Borrowings may be made in U.S. Dollars, Euros, Hong Kong Dollars, Japanese Yen and certain other currencies. The agreement is guaranteed by certain domestic subsidiaries and contains customary negative covenants, including limits on debt, liens, mergers, asset dispositions, investments and affiliate transactions, along with a quarterly test of consolidated debt and operating lease obligations relative to consolidated EBITDA plus operating lease expense. Events of default include a failure of Mr. Ralph Lauren or related persons to maintain control of the Company. The filing states that the Existing Credit Facility dated August 12, 2019 was terminated on the Effective Date, so the new facility replaces it.

Jul 7, 2023 8-K

Ralph Lauren 8-K Report, Financial Results (May 25, 2023)

Ralph Lauren Corporation reported results for the fiscal year ended April 1, 2023, with fourth-quarter revenue of $1,540.8 million, up 1.2% on a reported basis and up 4.9% in constant currency. Fourth-quarter reported diluted EPS was $0.48, compared with $0.34 a year earlier, and adjusted diluted EPS was $0.90, compared with $0.49. Full-year net revenues were $6.44 billion, reported as up 3.6% (9.4% in constant currency on a 52-week comparable basis), led by Asia and Europe. Reported full-year diluted EPS was $7.58, versus $8.07, and adjusted diluted EPS was $8.34, versus $8.38. The company ended fiscal 2023 with $1.53 billion in cash and cash equivalents and $1.14 billion of long-term debt. It repurchased approximately $454 million of Class A common stock during the year and had about $1.2 billion remaining under its repurchase authorization. Capital expenditures were $217 million, and dividends declared were $3.00 per share for the year, compared with $2.75 a year earlier. For fiscal 2024, the company expects revenue to increase low-single digits in constant currency and operating margin to expand approximately 30 to 50 basis points in constant currency. First-quarter revenue is expected to be flat to up slightly in constant currency and down slightly on a reported basis. The full-year tax rate is expected to be 24% to 25%, and planned fiscal 2024 capital expenditures are $275 million to $300 million. The filing furnishes the results in Exhibit 99.1, a press release dated May 25, 2023.

May 25, 2023 10-K

Ralph Lauren Annual Report, Year Ended Apr 1, 2023

Ralph Lauren Corporation's 10-K for fiscal 2023 (year ended April 1, 2023) reports net revenues of $6.444 billion, up 3.6% on a reported basis and 9.4% on a constant currency basis, with growth across all reportable segments. Net income declined to $522.7 million from $600.1 million, and diluted EPS fell to $7.58 from $8.07. Gross profit as a percentage of net revenues decreased 210 basis points to 64.6%, driven by inflationary cost pressures, unfavorable foreign currency effects and higher non-routine inventory charges, partially offset by higher pricing. Operating income fell 11.8% to $704.2 million, and operating margin declined 190 basis points to 10.9%. Cash generation and capital returns were a major focus. Operating cash flow was $411.0 million, down from $715.9 million, mainly on unfavorable working capital changes. The company used cash for $488.6 million of Class A share repurchases (including tax withholdings), $217.5 million of capital expenditures and $198.3 million of dividends. Net cash and short-term investments fell to $427.2 million from $962.1 million, and the remaining repurchase authorization was approximately $1.175 billion. Total long-term debt was $1,138.5 million, and the company had no borrowings under its $500 million Global Credit Facility as of April 1, 2023. The filing describes a company that remains controlled by the Lauren family, which held approximately 86% of voting power, and that is continuing its growth strategy with international expansion, particularly in Asia, where comparable store sales rose 17%. The company also reports completing the Fiscal 2021 Strategic Realignment Plan with cumulative pre-tax charges of $281.8 million and expected gross annualized savings of approximately $200 million. Fiscal 2024 capital expenditures are expected to be $275 million to $300 million.

May 25, 2023 8-K

Ralph Lauren 8-K Report, Financial Results (Feb 9, 2023)

Ralph Lauren Corporation reported its results for the fiscal quarter ended December 31, 2022 (third quarter of Fiscal 2023) in a press release furnished as Exhibit 99.1 under Item 2.02. Net revenues rose 1% on a reported basis to $1.83 billion and 7% in constant currency, with positive sales growth across all regions. Reported operating margin was 15.4% and adjusted operating margin was 16.0%. Reported diluted EPS was $3.20 versus $2.93 a year earlier, and adjusted diluted EPS was $3.35 versus $2.94. Foreign currency reduced revenue growth by approximately 630 basis points in the quarter. By segment, North America revenue increased 1% to $938 million, Europe increased 1% to $469 million (13% in constant currency), and Asia increased 1% to $386 million (16% in constant currency). Inventory at quarter end was $1.2 billion, up 33% from the prior year period, which the company attributed mainly to earlier receipts, higher product costs and product mix elevation. Cash and short-term investments totaled $1.7 billion against $1.1 billion of total debt, and the company repurchased $412 million of Class A stock in the first three quarters of Fiscal 2023. For full-year Fiscal 2023, the company reiterated its expectation of constant currency revenue growth of approximately high-single digits, or about 8% on a 52-week comparable basis, and now expects foreign currency to reduce revenue growth by about 600 basis points, versus a prior estimate of 730 basis points. Adjusted operating margin is expected in the range of 13.5% to 14.0% in constant currency, slightly below the prior outlook of approximately 14.0%. Fourth-quarter guidance calls for mid- to high-single digit constant currency revenue growth on a 13-week basis and an operating margin of approximately 5.5% in constant currency.

Feb 9, 2023 10-Q

Ralph Lauren Quarterly Report for Q3 Ended Dec 31, 2022

Ralph Lauren Corporation's Form 10-Q for the third quarter of Fiscal 2023 (quarter ended December 31, 2022) shows revenue growth on a reported basis but lower profitability. Net revenues rose to $1,832.3 million for the three months (from $1,815.4 million) and to $4,902.8 million for the nine months (from $4,695.8 million). Net income was $216.5 million for the quarter, versus $217.7 million a year earlier, and $490.4 million for the nine months, down from $575.7 million. Diluted EPS was $3.20 for the quarter and $7.07 for the nine months, compared with $2.93 and $7.68 in the prior-year periods. The filing attributes the margin pressure mainly to inflationary cost pressures, unfavorable foreign currency effects, and higher non-routine inventory charges, partly offset by improved pricing. Operating income fell to $664.0 million for the nine months from $761.6 million, and gross margin declined to 65.6% from 67.8%. Cash generation weakened. Operating cash flow was $397.0 million for the nine months, down from $821.7 million. Net cash and short-term investments declined to $559.5 million from $962.1 million at fiscal year-end, reflected in $445.8 million of share repurchases, $155.9 million of capital expenditures, $148.8 million of dividends, and the repayment of $500.0 million of 1.700% Senior Notes. Cash and cash equivalents were $1,566.1 million at December 31, 2022, and total debt was $1,138.0 million. Management stated it is not dependent on foreign cash to fund domestic operations and that existing sources of liquidity are sufficient for the foreseeable future. The filing also reports that COVID-19 disruptions continued, most notably in China, where more than 90% of mainland stores were affected by some form of closure or restriction in the quarter. The company's quarterly dividend was raised to $0.75 per share, and the remaining Class A share repurchase authorization was approximately $1.217 billion as of December 31, 2022. Management expects fiscal 2023 capital expenditures of approximately $240 million to $250 million.

Feb 9, 2023 8-K

Ralph Lauren 8-K Report, Executive Changes (Nov 16, 2022)

Ralph Lauren Corporation (NYSE: RL) filed this Current Report on Form 8-K dated November 16, 2022 to disclose a board change under Item 5.02. On November 9, 2022, the Board elected Wei Zhang as a Class B director and moved Darren Walker from a Class B to a Class A director seat, each effective November 9, 2022, serving until the 2023 Annual Meeting. The Board also increased its size from twelve to thirteen members. Ms. Zhang was appointed to the Finance Committee and the Nominating, Governance, Citizenship and Sustainability Committee. The filing states that Ms. Zhang was with Alibaba Group from 2008 until 2022, most recently as Senior Advisor and President of Alibaba Pictures Group, and previously held positions at News Corp China, CNBC China, Bain & Company and General Electric. The filing states that there are no arrangements or understandings tied to either director's selection and no reportable related-person transactions under Item 404(a) of Regulation S-K. Both directors receive the same compensation, indemnification and benefits as other non-employee directors. The accompanying Exhibit 99.1 is a press release dated November 16, 2022 announcing Ms. Zhang's election. In it, Chief Executive Officer Patrice Louvet cites her experience in international operations, particularly in Asia, along with business development, media and digital transformation, and links the appointment to the company's "Next Great Chapter: Accelerate" strategy.

Nov 16, 2022 10-Q

Ralph Lauren Quarterly Report for Q3 Ended Oct 1, 2022

Ralph Lauren Corporation's Form 10-Q for the second quarter of Fiscal 2023, ended October 1, 2022, shows net revenues of $1.580 billion for the three months, up 5.0% as reported and 13.0% on a constant currency basis, while net income fell to $150.5 million from $193.3 million and diluted EPS fell to $2.18 from $2.57. For the six months, net revenues were $3.070 billion (up 6.6% reported, 13.2% constant currency), net income was $273.9 million, and diluted EPS was $3.90. Gross margin declined to 64.8% in the quarter from 67.5%, driven by higher product and freight costs and unfavorable foreign currency effects, and operating income fell 18.0% to $206.7 million. SG&A rose to 51.2% of revenue, reflecting marketing investment and compensation costs. Liquidity tightened over the period. Net cash provided by operating activities was only $1.9 million for the six months, versus $464.2 million a year earlier, driven by inventory build and working capital changes. The company repaid $500.0 million of 1.700% senior notes, repurchased $417.3 million of stock including tax withholdings, and paid $99.1 million in dividends. Net cash and short-term investments declined to $279.2 million from $962.1 million at fiscal year-end. Cash and cash equivalents stood at $1.107 billion, and the company had $1.245 billion of remaining repurchase authorization and an undrawn $500 million Global Credit Facility. Management cited ongoing COVID-19 disruptions, most notably in China, as well as the Russia-Ukraine conflict and inflationary pressures. Comparable store sales rose 7% in the quarter and 11% for the six months on a constant currency basis, and the company raised its quarterly dividend to $0.75 per share. The company expects Fiscal 2023 capital expenditures of $250 million to $275 million.

Nov 10, 2022 8-K

Ralph Lauren 8-K Report, Financial Results (Nov 10, 2022)

Ralph Lauren Corporation reported results for the fiscal second quarter ended October 1, 2022, with net revenues of $1.58 billion, up 5% on a reported basis and 13% in constant currency, and diluted EPS of $2.18 on a reported basis versus $2.57 a year earlier (adjusted diluted EPS of $2.23 versus $2.62). Reported operating margin was 13.1% and adjusted operating margin was 13.4%, which the company said slightly exceeded its outlook. Asia was the strongest region, with revenue up 17% reported and 33% in constant currency, while North America rose 3% and Europe was flat on a reported basis but up 15% in constant currency. The company repurchased approximately $170 million of Class A Common Stock in the quarter and paid dividends. Cash and short-term investments fell to $1.4 billion from $3.1 billion a year earlier, total debt was $1.1 billion versus $1.6 billion, and inventory rose 36% to $1.3 billion, reflecting earlier receipts and goods-in-transit to mitigate supply chain delays. For fiscal 2023, the company maintained its constant-currency revenue outlook of approximately high-single-digit growth and expects operating margin at the low end of its prior 14.0% to 14.5% range in constant currency, while raising its foreign currency headwind to approximately 730 basis points on revenue. Third-quarter revenue is expected to rise low- to mid-single digits in constant currency, and management cited increased caution around consumer sentiment in Europe and North America. Capital expenditures were moderated to $250 million to $275 million.

Nov 10, 2022 8-K

Ralph Lauren 8-K Report, Regulation FD Disclosure (Sep 19, 2022)

Ralph Lauren Corporation (NYSE:RL) furnished this Form 8-K under Item 7.01 (Regulation FD) to announce its investor meeting held September 19, 2022 in New York City, where President and CEO Patrice Louvet and the Executive Leadership Team presented the strategic growth plan "Next Great Chapter: Accelerate." The accompanying Exhibit 99.1 press release sets out a three-year financial outlook through Fiscal 2025: revenue growth accelerating to a mid- to high-single digit compound annual growth rate in constant currency, with operating profit growth expected to exceed top-line growth as operating margin expands to at least 15% by Fiscal 2025 in constant currency. The company reiterated its Fiscal 2023 guidance from its August 9, 2022 earnings call and said capital expenditures are expected to be approximately 4% to 5% of revenue annually through Fiscal 2025. It plans to return approximately $2 billion in excess free cash flow to shareholders on a cumulative basis through Fiscal 2025 via quarterly dividends and share repurchases, subject to Board authorization and market conditions. The Board raised the quarterly dividend by 9% to $0.75 per share at the start of Fiscal 2023, an annual rate of $3.00 per share, and the current repurchase authorization allows up to $1.4 billion of Class A common stock repurchases. The outlook is based on current macroeconomic conditions, including supply chain and inflationary pressures, foreign currency volatility, the war in Ukraine, and COVID-19 variants. The full-year Fiscal 2023 and long-term outlook excludes certain anticipated restructuring-related and other charges, which the company estimates at up to approximately $35 million of pretax charges related to its Fiscal 2021 Strategic Realignment Plan that have not yet been incurred.

Sep 19, 2022 8-K

Ralph Lauren 8-K Report, Financial Results (Aug 9, 2022)

Ralph Lauren Corporation reported results for its first quarter of Fiscal 2023, the fiscal quarter ended July 2, 2022, in a press release furnished as Exhibit 99.1 under Item 2.02. Revenue rose 8% to $1.5 billion on a reported basis (13% in constant currency), with net revenues of $1,490.6 million versus $1,376.3 million a year earlier. Reported diluted EPS was $1.73 (adjusted $1.88), compared with $2.18 (adjusted $2.29) in the prior-year quarter. Adjusted operating margin was 12.7%, which the company said exceeded its outlook of approximately 12.2%, as operating expense discipline offset higher marketing and freight costs. Reported operating income was $175.2 million, down from $220.6 million. Balance sheet and cash flow data show a lower cash position alongside higher inventory. Cash and short-term investments totaled $1.8 billion, against $3.0 billion a year earlier, and total debt was $1.1 billion, up from $1.6 billion. Inventories reached $1.2 billion, up 47% year over year, reflecting goods-in-transit built to mitigate supply chain delays. Net cash from operating activities was $45.3 million, compared with $247.6 million in the prior-year period. The company repurchased approximately $213 million of Class A Common Stock in the quarter. For the full year Fiscal 2023, the company reiterated its outlook for constant-currency revenue growth of high single digits (centered around 8%) and an operating margin of approximately 14.0% to 14.5% in constant currency. For the second quarter, it expects constant-currency revenue growth centered around 11% and an operating margin of 15.4% to 15.7% in constant currency. Foreign currency is expected to be a significant headwind to reported results, and the company cited continued caution around consumer sentiment.

Aug 9, 2022 8-K

Ralph Lauren 8-K Report, Shareholder Vote Results (Aug 9, 2022)

Ralph Lauren Corporation's Form 8-K, dated August 8, 2022 and reporting on the Annual Meeting of Stockholders held August 4, 2022, discloses the results of stockholder votes on three matters. Stockholders elected all Class A and Class B director nominees to serve until the 2023 Annual Meeting. Class A nominees Linda Findley, Michael A. George and Hubert Joly received 35,203,633, 32,831,792 and 29,126,095 votes for, respectively, with withheld votes of 1,882,604, 4,256,422 and 7,960,142. All nine Class B nominees, including Ralph Lauren, Patrice Louvet and David Lauren, received 248,812,760 votes for and no votes withheld. Stockholders also ratified the appointment of Ernst & Young LLP as independent registered public accounting firm for the fiscal year ending April 1, 2023, with 287,148,751 votes for, 1,460,463 against and 37,881 abstentions. In a non-binding advisory vote, stockholders approved the compensation of the named executive officers and the company's compensation philosophy, policies and practices, with 276,570,649 votes for, 9,304,981 against, 25,344 abstentions and 2,506,084 non-votes. The filing is limited to the voting results from the annual meeting and does not report any financial results, transactions or other material developments. It was signed by Jane Hamilton Nielsen, Chief Operating Officer and Chief Financial Officer.

Aug 9, 2022 10-Q

Ralph Lauren Quarterly Report for Q2 Ended Jul 2, 2022

Ralph Lauren Corporation's first quarter of Fiscal 2023 (three months ended July 2, 2022) shows net revenues of $1.491 billion, up 8.3% on a reported basis and 13.4% on a constant currency basis, versus $1.376 billion in the prior-year quarter. Net income fell to $123.4 million from $164.7 million, and diluted EPS declined to $1.73 from $2.18. Operating income decreased 20.6% to $175.2 million, with operating margin at 11.8% versus 16.0%. Gross profit as a percentage of net revenues declined 310 basis points to 67.2%, driven by higher non-routine inventory charges, higher product and freight costs, and unfavorable foreign currency effects, partially offset by improved pricing and lower promotional activity. SG&A rose 12.7% to $820.6 million, or 55.0% of net revenues, mainly from a return to more normalized marketing investment. Cash generation weakened sharply, with net cash from operating activities of $45.3 million versus $247.6 million a year earlier, largely due to inventory build of $226.1 million to support growth and mitigate supply chain delays. The company repaid $500.0 million of 1.700% Senior Notes at maturity, repurchased $213.3 million of Class A stock, and paid $48.1 million in dividends. Net cash and short-term investments declined to $639.9 million from $962.1 million at fiscal year-end, and total equity fell to $2.364 billion. The filing states the company expects Fiscal 2023 capital expenditures of approximately $290 million to $310 million and that the remaining repurchase authorization was approximately $1.416 billion. The filing notes ongoing COVID-19 disruptions, most notably closures affecting approximately 50% of the company's stores in China during a significant portion of the quarter, along with the Russia-Ukraine war, which led to non-routine inventory charges. The company also raised its quarterly dividend to $0.75 per share from $0.6875 and continued its Fiscal 2021 Strategic Realignment Plan, now expected to total up to $300 million in charges.

Aug 9, 2022 10-K

Ralph Lauren Annual Report, Year Ended Apr 2, 2022

Ralph Lauren Corporation's Form 10-K for the fiscal year ended April 2, 2022 (Fiscal 2022, a 53-week year) reports a sharp recovery from the COVID-19 disruptions of Fiscal 2021. Net revenues rose 41.3% to $6.219 billion, and net income was $600.1 million, or $8.07 per diluted share, compared with a net loss of $121.1 million in Fiscal 2021. Operating income reached $798.4 million, or 12.8% of net revenues, up from an operating loss of $43.6 million. Gross margin improved to 66.7% from 65.0%, and SG&A fell to 53.2% of net revenues from 60.0%. Growth was broad across North America (up 49.0% to $2.968 billion), Europe (up 52.7% to $1.781 billion) and Asia (up 25.2% to $1.287 billion), helped by fewer store closures, stronger digital commerce and the 53rd week. Cash generation and capital returns strengthened. Operating cash flow was $715.9 million, against $380.9 million a year earlier. The company repurchased $450.5 million of Class A stock during the year, paid $150.0 million in dividends, and had $1.629 billion of repurchase authorization remaining at year-end. The dividend was reinstated at $0.6875 per quarter and then raised to $0.75 in May 2022. Net cash and short-term investments were $962.1 million at year-end, down from $1.144 billion, and total debt was $1.636 billion. Equity was $2.536 billion. Investors should note the continuing risks the filing describes: exposure to COVID-19 variants, Russia-Ukraine war effects, supply chain and freight costs, about 97% of products made outside the U.S., and a Lauren family that controls roughly 85% of the voting power. The filing also describes a Fiscal 2021 Strategic Realignment Plan, with total expected charges of up to $300 million and expected annualized pre-tax savings of about $200 million.

May 24, 2022 8-K

Ralph Lauren 8-K Report, Financial Results (May 24, 2022)

Ralph Lauren Corporation reported results for the fiscal year ended April 2, 2022, furnished under Item 2.02 via a press release (Exhibit 99.1). Fourth-quarter revenue rose 18% to $1.5 billion on a reported basis ($1,522.7 million), and full-year revenue rose 41% to $6.2 billion ($6,218.5 million), which the company says exceeded fiscal 2020 pre-pandemic levels. Full-year reported operating income was $798.4 million versus a loss of $43.6 million in the prior year, and reported diluted EPS was $8.07 (adjusted $8.38). North America revenue rose 49% to $3.0 billion, Europe rose 53% to $1.8 billion, and Asia rose 25% to $1.3 billion on a reported basis. The company ended the year with $2.6 billion in cash and investments and $1.6 billion in total debt, and it repurchased about $450 million of Class A stock during the year, leaving about $1.6 billion under its authorization. The Board raised the quarterly dividend 9% to $0.75 per share, or $3.00 annually. Inventory was $977 million, up 29% from the prior year, which management attributes to better sales, goods in transit to mitigate supply chain delays, and a richer product mix. For fiscal 2023, management guides to constant-currency revenue growth of high single digits on a 52-week comparable basis, with current outlook around 8%, and an operating margin of approximately 14.0% to 14.5% in constant currency. Foreign currency is expected to reduce revenue growth by about 400 basis points and operating margin by about 130 basis points. The first-quarter outlook reflects COVID-related lockdowns, notably in China, and capital expenditures for fiscal 2023 are planned at $290 million to $310 million.

May 24, 2022